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the u.s. economy and the fed's role in monetary policy. he called on congress to raise the debt ceiling in the release of u.s. can pay its bills. he spoke at the gerald ford school of public policy. >> thank you very much. it is also my great pleasure to welcome all of you here today. on behalf of the gerald r. ford school of public policy, the university of michigan is extremely honored to welcome the hon. ben bernanke, chairman of the board of governors of the federal reserve system. today's conversation is the latest in our series of distinguished lectures, policy talks at the fort school. we're so pleased that region white can introduce to the events and we're also very president marye sue: here today as well as -- we also have several of the university's executive officers and beans. i would like to welcome all of them and thank them for joining us today. it is an honor and truly personal pleasure to introduce our next guest. the fed's charges to provide a healthy economy. this is a complex and critically important mission and it makes the person at its helm one of if not the most
can't wait to see. and you -- you are the only critic that matters. obama's economy, the sequel, crafting a legacy. you remember the original. the president inherits the worst economy since the great depression. billions in bailouts save the auto industry and stabilize wall street. where are the jobs? but the star of this show has his enemies, millions of americans turn to the tea party. their mission? stop this president from making fundamental changes, changes they see permanently damaging the u.s. economy. gridlock follows. and the 112th congress passes the fewest bills in 40 years. but in the end, its congressional approval that plunges, now standing at just 14%. the president insisted on higher taxes for the wealthy. part of his campaign designed to cast mitt romney as out of touch. his victory sealed, this president will have a sequel. >> for the united states of america, the best is yet to come. >> the original was a drama. but what the sequel needs is action. to it craft a legacy, this president must bring lawmakers together. cliff after cliff, short-term thinking and po
is the cruise business these gays? given the weak economy, how are bookings? >> you know, we're feeling pretty good. we're filling our ships every single week with consumers that are having a ball and going off the ships and talking to their friends and neighbors and that's what's driving us gluldz you do interact a lot with consumers, what's your take on consumers? are they willing to spend money to go on a vacation or are stay teastill cautious they don't want to splurge on a big trip? >> i think consumers have had a tough run and now they know what their tax situation is of for 2013 based on what happened in washington recently, and the ones work say i have nigh job, interest rates are low. it's not that bad. i want to take my vacation. >> susie: is business strong enough that you're going to add some jobs and what are your hiring plans? >> every time we launch a new ship, it brings on a lot more employees. we're 20,000 strong at this point. and if you think about there are a couple of thousand that come along with each new ship we're building in the future here. >> susie: kevin, thank you
. >> they will not collect a ransom in exchange for not crashing the american economy. >> the republican game of chicken is over. eric cantore proposes a three-month deal on the debt ceiling. some democrats are calling it a trap. i'll ask dnc chairwoman debbie wasserman schultz what she thinks. democrats are about to drop the ball. tonight, my message to senator harry reid. plus the american people are getting ripped off by a congress that just isn't working. congressman rick nolan, there 30 years ago. he is back now and he can't believe the difference. he is wondering, are we getting paid for this? >>> is it really an admission of guilt if you don't show any remorse? >> it did not even feel wrong? >> no. it's scary. >> did you feel bad about it? >> no. even scarier. >> psychologist dr. jeffrey gardere on lance armstrong's bizarre performance last night. >> good to have you with us tonight, folks. thanks for watching. republicans surrendered today in one of his biggest fights. president obama warned republicans about taking the debt ceiling hostage. it looks like they heard the message. >> the financial
it's keeping the economy down. but won't getting rid of it just push the economy down even more? hi, everyone, i'm brenda buttner, this is bulls and bears and let's get right to it. the bulls and bears this week, gary b smith, jonas max ferris and along with todd schoenburger. >> gary get rid of the debt ceiling best or worst thing for the economy? >> it's absolutely the worst thing, brenda. the left likes to say, well, you know, ronald reagan raised the debt limit 18 times, george bush raised it 7 times, bill clinton raised it 8 times. so, you know, both sides do it so it must be okay, and from the perspective of fair and balanced, it has to stop no matter who is president. we go through the same cycle, we raise the debt limit, spend more,en go out and borrow more, and raise the debt limit again and it looks like it's unstoppable, but this is the check and balance of how to govern our society. we can't afford the bills we have now to pay. someone has to say, no, spend what you have and let's move on. >> brenda: you know, it doesn't really mean anything. why not get rid of it. it's
than seven in ten people are dissatisfied with the present state of the economy. 60% believe we have hard times ahead. president obama swept into office, four years ago in the waive of hope, but it it seems to show that things have soured and it seems more like cope rather than hope. what happened? >> this is a different environment than it was four years ago, craig and a couple of points. president bush does come into a success term in the strong political position. his approval readings is 52% and the second-term agenda items like gun control as well as immigration and you mentioned those attitudes about the direction of the country and about the economy and this is an american public right now that lowered its standards and lowered its expectations from four years ago. in some ways that's a good situation from the obama white house and sometimes lower expectations make it easier to get achievements done, but this is a country that is still being hit by the aftereffects of the great recession and also this poll comes after the terrible tragic shooting as well as the showdown in the
lost the election, you can't just crash the economy if you don't get your way on the budget. this is, of course about the debt ceiling which smart republicans know full well is a trap for the gop. newt gingrich no stranger to setting up high-stakes showdowns with candidates, put it pretty clearly on joe. >> they have to find in the house a totally new strategy. i mean confronting -- everybody is talking about okay, now here comes the debt ceiling. i think that is frankly a dead loser, because in the end you know it is going to happen. the whole national financial system will come into washington by television and say oh, my god, this will be a gigantic heart attack, the entire economy will collapse, you guys can't be responsible. >> the only problem for john boehner and company, you couldn't just tell them they can't. they wouldn't accept that. so at the retreat this weekend, house republican leaders have been trying to coax their leaders down from the tree, not all the way, not completely on to solid ground, but maybe on a more secure branch. house majority leader eric cantor said n
cheating? >> still to come on tonight's program. china's economy is not as hot as it used to be. it has the government is scrambling to find a new spark. onstage, the ballet world is known for its beauty and grace. behind-the-scenes today, there has been a brutal force. the artistic director has been seriously injured after someone threw acid in his face. for more on the possible motive, here is our washington correspondent. >> one of the stars. he graces the famous stage. and still a high-profile figure. here he is with the head of the grand reopening of the theater just over a year ago. but last night, he was attacked outside of his apartment block, and and and amassed through asset from the bottle into his face and fled. he received serious burns and was rushed to hospital. doctors had been battling to save his sights. today, a deep sense of shock. >> impossible. how it isderstand possible. >> why was he targeted? one theory put forward by the ballet is that he made enemies in his role of artistic director. >> he is the one that decides so many things and every time a decision is mad
the key message of deep spending cuts, not the message that deep spending cuts will help grow the economy and help create jobs. . . but i did hear no budget, no pay, aimed at democratic senators but then deemed unconstitutional, and an extension of the debt ceiling for about three months which is okay. . it doesn't really go to the heart of the matter. we're going to have a report on this whole story in just a moment. . meanwhile, better news, the stock rally continues up 54 points on the dow, 161 points for the week. get this, a 35% gain in the broad s&p 500. . just since early october 2011. that's right. it's like a stealth rally. it keeps on moving. we'll talk to a leading investment ceo a bit later in the program. . first up, in williamsburg, virginia, today, house republicans have agreed to take up the plan next week to extend the debt ceiling with some conditions. i think that's boring and uninspiring. let's go to the source of this cnbc contributor robert costa. . . i think it's boring, boring, boring. you tell why this is a great. are not attached to this proposal. very three mont
that if the financial system collapses, the economy is likely to collapse. we took those actions, learned from what happened in the 1930's. during the 1930's, in part because the world was still recovering from world war ii one, there was -- world war i, cooperation among central banks and governments was not very good. your audience may know about the tariff wars and all the things that happened. in a global crisis like this one, it is important to cooperate, according it as much as possible with policy makers around the world. -- cooperate as much as possible with policy makers around the world. on one date, five or six of the world's largest central banks' coordinated on an interest-rate cut. we of work with the central banks to make sure that they have enough dollars to lend for banks that need to use dollars in their transactions. cooperation has been very helpful in the latest episode. one less thing that occurs to me. one reason that the fed and other policymakers did not take more aggressive fundamental action to try to end the great depression was, they were afraid to do anything that was
the financial system of the american and global economy, 0.2% are not. their very existence threatens both economic and financial stability. and furthermore, to contain that risk, of regulators and many small banks are tied up in regulatory and legal knots in an enormous indirect and direct cost to them and the economy. 0.2%. if the administration and congress can agree on legislation that affects the 1% surely they can process a solution that affects the 0.2%. our view is that the time has come to change the decision making paradigm. there should be more than the two present solutions, bailout or the end of the world of the economy as we know it. the next financial crisis could cost more to -- more than two years of economic health and would be borne by more than 2 million extra u.s. taxpayers. the remedy is obvious. reintroduce market forces and level the playing field for all banking institutions. i am going to close by returning to patrick hence -- to patrick henry. "it is natural man to indulge -- it is natural for man to indulge in the illusion of hope." today we labor under the song
. defaulting on our fiscal obligations would hit the economy harder than that cliff we narrowly avoided and will face again. a report put out by jpmorgan in 2011 exploited the myth going around a few missed payments would be no big deal. they said any delay by the treasury would have ripple effects similar to the aftermath of the lehman brother collapse. not sure that's true but it's serious. this is all caused by the dell ceiling. the u.s. is the only other country other than denmark that uses this tool. that's why ben bernanke has joined critics questioning why the u.s. needs a debt ceiling. >> i think it would be a good thing if we didn't have it. i don't think that's going to happen. i think it's going to be around. but i hope that congress will allow the government to pay its bills. >> ron brownstein is cnn senior political analyst and editorial director at the "national journal." good to see you. the public debt stands at more than $16 trillion. in and of itself it may not be as serious a problem as some make it out to be, especially when it costs the government about 1.8% a year
the economy. actual real-world events. this, for example, is what happened to the vix on october 24th, 2008, that big red arrow there. that's when the stock market crashed in '08, one of the worst days of the great recession, record high vix. another spike happened may 20th, 20 2010 when there was sudden new that is europe's economy was even in worse shape than we thought. it spiked at a two-year high august 8th, 2011, when the u.s. credit rating got downgraded. republicans in congress threatened to default on our national debt and credit rating got downgraded. wall street freaked out. vix went way up. you can think of a high vix reading, a spike in the vix as a red light flashing. alert, alert. maybe your economy is tanking. maybe it isn't. but a lot of people on wall street have reason to believe that it is. panic. today, as he kicks off his inauguration weekend, president obama was given a great present by the vix. this is the present that vix gave to barack obama today to celebrate his inauguration as a second-term president of the united states. look. happy inauguration, mr. president.
decisions to spend money and put it back into the economy. and if those tax extenders were to go away, we would have to withhold on making purchases that would be put back into the economy. >> and that means you can white up the entire cost of a purchase. >> okay, so barbara, what should we be doing to plan for this uncertainty? >> well, the good news as i said was at least for 2013 we would know what the rules are and certainly take full shrank of them. clearly as you're getting towards the end of the year, if you're considering making equipment purchases, take advantage of the rules that exist now. >> barb and barbara, thank you so much. it's been a difficult time to figure all of this out, and we appreciate you coming on and recapping what we can expect. >> how much do you need and when do you need it? those questions are constantly on the minds of customers. once the orders come in, you have to make sure you have the inventory you need to fill them. >> this industry kind of went from a kitchen table enterprise to a much bigger operation. >> we always try to project where people's mind
unemployment. and not a total one for one correlation. in the tough economy-- >> but the union job growth much. >> i'm going to stick to topic, but i don't want people to think because it's a right to work state. i'm telling you, it's not. and for a guy that's been at a couple of protests and strikes, my dad was a union guy i'm a big supporter of unions, particularly private sector unions, not public sector unions. >> neil: that's the point on the message, is why we have a stark correlation between non-- nonunion factory jobs growing, and union factory jobs. >> in a tough economy those jobs pay more than the $3 an hour you get when you're a nonunion worker and those jobs get cut first. >> neil: adam, what do you think of that. >> well, i don't think it's any shocker, first of all, that as we've already been saying that there's been a shift. this shift has been going on for a long time. and we could, at some point we'll stick a fork in the unions because clearly, they're dwindling. having said that, there's also no shock that these organizations are going to act in their self-interest. we could
the world as we continue. stay with us. lou: the obama economy in tonight's "chalk talk" we take a look at the obama economic failure. anti-gun advocate started as seven democrat, and day distort his campaign ad. he supports the second amendment steven haze of the weekly standard, a former bush special assistant to next. ♪ the capital one cash rewards card gives you 1% cash back on all purchases, plus a 50% annual bonus. and everyone but her likes 50% more cash, but i have an idea. do you want a princess dress? yes. cupcakes? yes. do you want an etch-a-sketch? yes! do you want 50% more cash? no. you got talent. [ male announcer ] the capital one cash rewards card gives you 1% cash back on every purchase plus a 50% annual bonus on the cash you earn. it's the card for people who like more cash. what's in your wallet? i usually say that. nothing. are you stealing our daughter's school supplies and taking them to work? no, i was just looking for my stapler and my... this thing. i save money by using fedex ground and buy my own supplies. that's a great idea. i'm going to go... we got clien
. we need to reform the system for the economy and for american families. >> and what she told me is this is a real imperative. what's new, it also is now an imperative for republicans. the election results from last november made clear the republican party needs a message for latino, asian-americans and immigrant groups if they have any chance of recapturing the white house. >> scott, this is carla marinucci. what's your thoughts on this? we've seen paul ryan, marco rubio extend a hand to president obama so to speak and suggest they are ready to talk about immigration reform. what's the biggest hurdle here? >> well, i think the biggest hurdle in the end is going to be politics, of course, but the issue of citizenship. what marco rubio outlined this week and last weekend is very close to what president obama talked about in 2011. and so i think that will provide some cover for other republicans. when you've got someone like marco rubio, a rising star in the party, paul ryan, saying we're ready to do a deal here, but the devil is in the details as they always say. democrats feel ve
economy that provides equal opportunities for all americans with no barriers born of bigotry or discrimination. putting america back to work means putting all americans back to work. ending inflation means freeing all americans from the terror of runaway living costs. all must share in the productive work of this new beginning,' and all must share in the bounty of a revived economy. with the idealism and fair play which are the core of our system and our strength, we can have a strong and prosperous america, at peace with itself and the world. so, as we begin, let us take inventory. we are a nation that has a government -- not the other way around. and this makes us special among the nations of the earth. our government has no power except that granted it by the people. it is time to check and reverse the growth of government, which shows signs of having grown beyond the consent of the governed. it is my intention to curb the size and influence of the federal establishment and to demand recognition of the distinction between the powers granted to the federal government and th
. beyond that, it's dependent upon the state of the economy. that's going to be a determinate factor. >> you say 18 months. you say 100 days. you're tough. >> 100 days, then we'll see. >> there's a new political article i want to go on. it says democratic senators in red states may break with the white house. part of the quote from the article reads as follows -- senior democratic senators and aides say the president must face a stark political reality even as he begins his second term as commander in chief. newly reelected and emboldened red state democrats as well as senators up for reelection in 2014 want and need to show independence from the white house. so if that's the case, how much does that affect the president's second-term agenda? >> it's a big challenge. take an issue like gun control. like joe manchin, he said he's opposed to the assault weapons ban and everything obama is doing on gun control. the president wants to get through immigration, gun control. he wants to raise taxes probably again. and the challenge on those issues is, those democrats are, the president does
Search Results 0 to 49 of about 185 (some duplicates have been removed)